Connect With Us

Testimonials

The client testimonials found on this site are the authentic handiwork of our many satisfied customers, and no compensation of any kind was or will be awarded to clients whose testimonials (submitted via customer satisfaction surveys that are sent after each transaction) are used on this site. Our full Client Satisfaction Survey can be viewed at Client Satisfaction Survey

CONTACT INFORMATION

Gold & Silver DAILY NEWS

The gold and silver markets have rallied during the last three weeks, and despite brief hiccups in gold and silver prices, the prices of both metals are currently near six-week highs. As of 8am EST … Read More

Comex Gold Trading Quietly

Post by Janet Jones
on July 20, 2012

July 20, 2012 – Gold futures contracts on the Comex exchange are moderately lower in early trading Friday. Key outside markets including the US dollar and crude oil place the precious metals in a bearish posture for Friday, according to Forbes. Trading in gold and silver has been both choppy and range bound in the daily charts. Gold futures for August delivery drifted down $4.30 to $1,576.10 per troy ounce. The spot price of gold quoted down $4.90 per troy ounce to $1,577.25. Comex silver for September delivery traded down $0.342 to $26.885 per troy ounce.

Summer has arrived in the markets, with relatively few major headlines affecting rapid trading changes. There is a continuing debate over further quantitative easing in the US, but that debate has been active for over a year.

Economic and political activities in both the Middle East and the European Union are on the table for investors late in the week, though developments will be relatively distanced from the markets and no major activity is expected for the weekend.

The London AM gold fix is $1,583.00 per troy ounce against the London PM fix at $1,584.00.

Gold trading remains range bound, as it has been for the previous three weeks. Gold has essentially been trading in a $30 band for that time, making it the most bound gold market we have seen in three months.

Key resistance levels are at $1,625.70 per troy ounce on the upside and $1,547.60 per troy ounce toward the downside.

Currently, the gold market is very much affected by fading expectations of a round of quantitative easing. Following testimony before Congress by Ben Bernanke this week that spelled out a relatively pessimistic view of the economy, investors began liquidating speculative positions in gold initiated after weak economic reports and on expectations of a round of stimulus. When Bernanke failed to mention any such stimulus, those positions were liquidated.

Analysts and investors anticipate trading after markets integrate those speculative ventures and consolidate and gold begins trading outside its current range bound band.